Succession Planning for Your Family Business
This article discusses the importance of having a succession plan. According to the Dayton Daily News, about 3 out of 4 small businesses currently do not have a succession plan. Succession plans should not be a birthright, but instead, should go to the most qualified individual. Planning for successor years ahead can eliminate power struggles,…
An Important Announcement Regarding the Provider Relief Fund Program
The U.S. Department of Health and Human Services (HHS) recently released important updates regarding its Provider Relief Fund (PRF) program. The announcement covered two key areas: A Grace Period for Reporting Period 1 The 60-day grace period begins on October 1, 2021 and ends on November 30, 2021. It applies exclusively to Reporting Period 1….
Affordable Marketing Ideas for Startups
This article discusses how marketing is essential for any successful business, especially startups. However, sometimes the best marketing practices can be extremely expensive with little return on investment. However, using simple tips such as getting a social cost, having a referral program, and sending emails to the right people are all inexpensive ways that your…
Things to Consider Before Selling Your Business
This article discusses the best methods to practice before selling your business to someone who values it as much as you do. Firstly, it is important to determine your business value. In order to successfully do that it is necessary to follow the asset method, market method, and income method. It is also important to…
What You Need to Know About Business Meal Deductions
This article discusses guidance on the Tax Cuts and Jobs Act pertaining to the general deduction of business entertainment expenses. Because of the guidance put out in 2020, “Taxpayers…must carefully follow the rules set out in the final regulations for substantiating business food and beverage expenses to ensure a deduction is allowed for the expenses.”…
Succession Planning Strategy for Your Business
Too often CEOs of a company will procrastinate the succession of their company to the next generation. This may happen since the idea of retiring from a business can be too difficult to embrace. Another reason is if the CEO decides to hand off the reigns to the family, there will be a dispute about…
IRS Encourages Individuals to Set Up an Online Account
Even if you are not currently dealing with any IRS issues, it is a good idea to go ahead and set up your IRS Online Account. In addition to allowing you access to helpful information, in the event that an issue does arrive, you will already be prepared to take the first steps in addressing…
Tips for Selling Your Business in 2021
This article discusses how the coronavirus pandemic has impacted the way people are purchasing businesses and how business owners are selling. In fact, there’s been a rise in investment activity, and it is expected to continue for the remainder of this year. In order to capitalize on these investments, taking advantage of tips such as…